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SmartCard Marketing Systems Inc. (OTCQB:SMKG) US, China Reach Deal In Dispute Over Chinese Company Audits And Timing Is Essential
SmartCard Marketing Systems Inc. (OTCQB:SMKG) US, China Reach Deal In Dispute Over Chinese Company Audits And Timing Is Essential.
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[{"type":"text","content":"SmartCard Marketing Systems Inc. (OTCQB:SMKG) US, China Reach Deal In Dispute Over Chinese Company Audits And Timing Is EssentialAugust 29th, 2022 New York, NY USANoteworthy; The company over the past several years has been working with Cross-border Payments in China with Chinese and Int’l Financial Service Providers located throughout SE ASIA. This news opens a wide variety of opportunities for the company as well as for partners which were in the gap between reporting requirements. WASHINGTON (AP) — The U.S. and China have reached a tentative agreement to allow U.S. regulators to inspect the audits of Chinese companies whose stocks are traded on U.S. exchanges. In a long-festering dispute, U.S. regulators have threatened to boot a number of Chinese companies off the New York Stock Exchange and the Nasdaq if China didn’t permit inspections.The deal announced Friday by market regulators in the U.S. and China is preliminary, and Securities and Exchange Commission Chairman Gary Gensler said “The proof will be in the pudding.”“While important, this framework is merely a step in the process,” Gensler said in a prepared statement. “This agreement will be meaningful only if (U.S. regulators) actually can inspect and investigate completely audit firms in China. If (they) cannot, roughly 200 China-based issuers will face prohibitions on trading of their securities in the U.S. if they continue to use those audit firms.”An agreement would mean that U.S. investors will maintain access to shares of important Chinese companies while at the same time being protected by the integrity of company audits.Source link: US, China reach deal in dispute over Chinese company audits (yahoo.com)Massimo Barone the CEO of SMKG stated “we have been waiting for this moment as a critical milestone for exciting opportunities across multiple industries that will be open because of the result of these new guidelines – which have been a long time concern. The SMKG portfolio becomes a strategic opportunity for Chinese companies seeking to expand into the USA and bring home strategic collaborations which have been limited or restricted because of lack of comprehension or transparency because of accounting principles and rules of engagement.Furthermore, we are very excited as the timing pairs up with the offering of the Digital E-Yuan as a global Crypto curren...